Oppenheimer analyst Leah R. Cann maintained a Buy rating on Loxo Oncology (NASDAQ: LOXO) yesterday and set a price target of $202. The company’s shares closed on Friday at $164.
Cann noted:
“The incidence of TRK fusion cancers has been debated in the literature, and the resulting prevalence ranges from 1,500 to 100,000 patients in the US. We continue to believe the disparities have resulted from a lack of widely used, reliable testing for TRK fusions. Data presented at the Saturday help better define the lower end of the range at 2,500-3,000 patients in the US. We believe it will be a few years into the launch of larotrectinib, when testing has improved, before we really have conviction about the actual size of the TRK fusion patient population. We currently estimate there are approximately 7,000 patients in the US, and are not making any changes to our outlook at this time.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 21.0% and a 54.7% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Loxo Oncology with a $209.50 average price target.
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Based on Loxo Oncology’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $11.73 million. In comparison, last year the company had a GAAP net loss of $30.4 million.
Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock.
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Loxo Oncology, Inc. is a biopharmaceutical company, which engages in the development of small molecule therapeutics for the treatment of cancer. It focuses on genetic alterations, targeted therapies, and genetic testing. The company was founded by Joshua H. Bilenker in May 2013 and is headquartered in Stamford, CT.
